How does the ISO 55,000 standard show factor into your research and work?
We help companies understand what ISO means to them and assist in developing tools that allow companies to actually implement ISO 55000. For example, asset management is about the management of value, and less about the management of physical assets.
All business decisions need to consider the effective balance of cost, risk, and performance. It says this in ISO 55000, but companies struggle to understand what that actually means to their business and their assets. Given a problem, how do they apply these principles? For example, we did a project on value based asset management which essentially brought together a number of tools to map out the value that a particular asset delivers to the operation of the business. Those tools identify who the stakeholders are, what the stakeholders need from the system, and how to quantify those needs into specific metrics.
Then we take a systems approach and ask how does this particular tunnel or pump effect each of those value metrics. It’s not just ISO55000. There’s Building Information Modeling (BIM) and a number of standards in the infrastructure space. The problem with these standards is they tell people what they “should do.” However, they often fail explain how to do it.
Our work is focused on bringing that clarity so that asset managers are provided with an executable solution. For example, there’s a misconception in a lot of companies that to get on the digital data journey you need to start deploying lots of sensors and incorporate the internet of things, but it’s amazing what can be done with the data these companies already have.
Even with simple data, like capturing failures and failure modes in a systematic way. These are things people can do without having huge investments in IT systems or technologies. It’s more of a cultural barrier than a technological barrier that prevents companies from getting on that journey.
While data integration can be a challenge, we’re seeing more acceptance of BIM standardization from the capital projects perspective. How is the Asset Management Group assisting the change over?
For capital projects within the BIM 1192 standards, the first step is to identify the organizational information requirements and from there derive the asset information requirements. One of my Ph.D. students has developed a systematic technique that is workshop based, consensus based, and discussion based. That brings together asset managers, financial managers, and higher level managers to help them define what their organizational information requirements are and a step wise approach from actually drilling down the organizational requirements to the asset information requirements. It has become an eye opener for companies who realize they can use this technique to develop their own requirements.